EXHIBIT 99.1

                                                          Contact: Paul V. Maier
                                                           Senior Vice President
                                                     and Chief Financial Officer
                                                                    858-550-7573


         LIGAND PHARMACEUTICALS TO BE RELISTED ON NASDAQ NATIONAL MARKET

         SAN DIEGO, CA - JUNE 12, 2006 -- Ligand Pharmaceuticals Incorporated
(Pink Sheets: LGND) today announced that NASDAQ has approved the company's
application for relisting its common stock on the NASDAQ National Market. Ligand
expects trading in its common shares to begin on the NASDAQ National Market on
June 14, 2006 under the symbol "LGND".
         "We are pleased that NASDAQ has approved our application to be relisted
on the NASDAQ National Market," said David E. Robinson, Ligand Chairman,
President and Chief Executive Officer. "Relisting should allow our shares to be
bought and held by a broader range of investors, traded and covered by
additional market makers and analysts and generally facilitate additional
shareholder liquidity."
         "Ligand's Board of Directors, Management and advisors continue to be
focused on the ongoing process of exploring strategic alternatives to enhance
shareholder value," added Robinson.

ABOUT LIGAND
         Ligand discovers, develops and markets new drugs that address critical
unmet medical needs of patients in the areas of cancer, pain, skin diseases,
men's and women's hormone-related diseases, osteoporosis, metabolic disorders,
and cardiovascular and inflammatory diseases. Ligand's proprietary drug
discovery and development programs are based on its leadership position in gene
transcription technology, primarily related to intracellular receptors. For more
information, go to www.ligand.com.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS
         This news release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as amended, that
reflect Ligand's



judgment and involve risks and uncertainties as of the date of
this release. These statements include those related to the relisting of the
company's shares on the NASDAQ National Market, financial reporting
normalization, potential investors and additional liquidity, and exploration of
strategic alternatives. Actual events or results may differ materially from
Ligand's expectations. There can be no assurance that the market price of the
company's common shares will benefit or that the liquidity will be improved by
the relisting, that the composition of the company's shareholder base will be
affected, that the company's financial reporting or other attributes will
continue to meet the continued listing requirements of the NASDAQ National
Market or that the strategic process will be successful or yield preferred
results. Any future failure to maintain its NASDAQ listing may harm the
company's stock price. Additional information concerning these and other risk
factors affecting Ligand's business can be found in prior press releases as well
as in Ligand's public periodic filings with the Securities and Exchange
Commission, available via Ligand's web site at www.ligand.com. Ligand disclaims
any intent or obligation to update these forward-looking statements beyond the
date of this release.
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